Politics
KYC Compliance Urged In Extractive Industry: EFCC Issues Warning On Fraud Consequences
KYC Compliance Urged In Extractive Industry: EFCC Issues Warning On Fraud Consequences....KINDLY READ THE FULL STORY HERE▶
ABUJA – In a recent development, the Economic and Financial Crimes Commission (EFCC) has issued a stark caution to stakeholders within the extractive sector, emphasizing the imperative of adhering to Know Your Customer (KYC) regulations to avert severe repercussions………. CONTINUE READING
This admonition forms a crucial component of the commission’s ongoing endeavors aimed at combatting fraudulent activities and corrupt practices pervasive within the extractive realm while fostering compliance with pertinent statutory provisions.
Speaking at the 117th iteration of ‘EFCC Connect,’ a public engagement platform hosted on Wednesday evening in Abuja via X Spaces, ACE II Ahmed Lawal, the Head of Proceeds of Crime Management at the EFCC’s Maiduguri Zonal Command, delineated an exhaustive exposé on the multifarious fraudulent schemes bedeviling the extractive sector.
Lawal underscored that the spectrum of fraud within the industry spans across various facets encompassing upstream, midstream, and downstream operations, thereby engendering substantial revenue haemorrhage for both governmental entities and individuals alike.
Highlighting the pivotal role of KYC compliance in preempting fraud and corruption, he underscored that laxity in conducting due diligence on clientele and suppliers could catalyze illicit undertakings such as money laundering and the funding of terrorist activities.
In pressing admonition, Lawal iterated, “The extractive sector remains particularly susceptible to fraud and corruption, with malfeasance permeating diverse segments, including upstream, midstream, and downstream operations, invariably resulting in considerable revenue depletion for governmental coffers and private stakeholders.
“Compliance with Know Your Customer (KYC) imperatives assumes paramount significance in thwarting fraud and corruption. Firms must diligently scrutinize clientele and suppliers to stymie illicit transactions like money laundering and terrorist financing.
“The EFCC remains resolute in its commitment to combatting fraud and corruption within the extractive sector, and we stand poised to mete out swift and decisive sanctions against any entity or individual found wanting in KYC compliance.”
The commission reiterated its resolve to administer swift and decisive measures against any entity or individual found transgressing KYC norms.
In a related vein, Elizabeth Eke, the Head of the Extractive Industry Fraud Section at the EFCC Headquarters, furnished additional insights into the commission’s antifraud initiatives within the sector.
Eke elucidated that the EFCC has instituted a specialized unit tasked with proactively preventing fraud while affording protection to whistleblowers within the extractive domain.
Furthermore, the commission assured whistleblowers of confidentiality and safeguard under the Whistleblower Protection Bill.
Eke asserted, “Preventing fraud and safeguarding whistleblowers assume paramount importance within the extractive sector. We urge the public to report infractions within the extractive domain, with an assurance of confidentiality and protection accorded under the Whistleblower Protection Bill.
“Our dedicated unit is unwavering in its focus on fraud prevention and whistleblower safeguarding within the extractive sector, fostering collaboration with entities and individuals to ensure adherence to extant regulations.
“Through collaborative efforts, we can engender transparency and accountability within the extractive domain, thereby stemming significant revenue losses for governmental entities and private stakeholders.”
Speakers at the forum lauded the EFCC’s proactive measures as pivotal strides toward curbing the pervasive scourge of fraud and corruption within the extractive sector, which has precipitated considerable revenue depletion for both governmental entities and private stakeholders.
They expressed optimism that the commission’s concerted endeavors will culminate in the restoration of transparency and accountability within the industry.
Breaking: Estevao Hamstring Injury Raises Alarm Over Possible World Cup Absence
Fresh Shake-Up In Government As Bola Tinubu Seeks Senate Approval For Darma, Yuguda Economic Appointment
Inside PDP Rift: Wike-Backed Faction Unveils Fees For Presidential Form, Picks Primaries Date
Breaking: Gift Orban Transfer Plan Falls Through As Verona Opts Out Of Permanent Move
Coup Plot Trial: One Defendant Arrives Early As Others Await Arraignment In High-Profile Case
Breaking: Federal Government Of Nigeria Bans Cement Importation, Releases Full List Of Restricted Goods
Supreme Court Shocks Kano Emirate Case, Adjourns Hearing Till 2027
Breaking: Complete List Of Charges Filed Against Timipre Sylva And Alleged Coup Network Exposed
Here’s What Happened” — Ex-Army Chief Buratai Speaks On Borno Airstrike Tragedy
